Singapore is one of the world’s leading International Maritime Centre. Therefore, Singapore is a preferred choice of many companies across the globe for setting up shipping or maritime business operations. Singapore is an international maritime hub with more than 5,000 shipping companies that contribute to 7 percent of the country’s GDP. The country ships to more than 600 ports across 120 countries.
Small and medium-sized enterprises (SMEs) may find it difficult to set up a shipping company in Singapore. Therefore, it becomes important for them to understand what legal basics govern the shipping or maritime business in Singapore. Some of the important things to know are:
The first step towards setting up a shipping company in Singapore is that you must incorporate a new company in the country. By completing the legal obligations, you can quickly and easily incorporate your business. The IMC Group can assist you at each and every step of company formation in Singapore.
After incorporating the business, you must find a suitable premise for your shipping company’s office. You can find many rental options to serve your business needs.
After establishing the company’s office, you will need to hire staff to work in your office or your vessel. While hiring the staff you must follow the specific regulations in this regard.
According to the type of your shipping business, apply for the required licenses and permits. Some of the basic licenses/permits are as follows;
It is compulsory to register your business for the GST when the turnover of your business exceeds S$1 million per year. However, if the turnover is below the threshold limit, you can voluntarily register yourself. The above mentioned steps will help you in starting a shipping company in Singapore. IMC Group is one of the leaders in providing corporate advisory and support solutions. We at IMC Group, provide you a complete guide to doing business in Singapore. We have a team of highly qualified professionals who have in-depth knowledge and practical experience of Singapore company incorporation. Our team of expert specialize in shipping industry and ensure that all compliances of your business are done in a timely manner. If you want to get in touch with us or require more information, you can drop us an email.